Conquering Accounts Receivable with Automation
Every business understands the importance of accounts receivables (AR) because it affects the cash flow for your company. Improper management of AR leads to unhealthy cash inflows.
Challenges we often hear from customers involve lowering Days Sales Outstanding (DSO) – how quickly, or slowly, a company collects their AR – and increasing staff productivity. Automating invoice delivery and accounts receivables, companies can eliminate the need for employees to complete repetitive manual tasks. Using robotic process automation (RPA) will reduce DSO, past due receivables and bad debt reserves.
An inefficiency to generate accurate invoices can cause delays in receiving payment. Pulling data from multiple systems to create an invoice takes up employee time and company resources to manually issue. Such an effort leads to missed or delayed payments.
Improving the billing process will reduce the DSO and improve cash flow. Sending invoices immediately upon the sale of goods or services rendered eliminates the delay in receiving payment from customers. The longer it takes for customers to receive their invoice, the longer it will take for your business to receive payment.
Costs associated with payment processing can be reduced by automating accounts receivables. Instead of having your account team manually process AR on a daily basis, save hours of time by automating the system. Not only will it save the company money, it will also enhance productivity by allowing your team to focus on more strategic tasks. Improving operational performance saves time and headaches.
Productivity with accounting is linked to the AR process. Spending time updating spreadsheets, looking up customer information and issuing invoices is time that can be used to build stronger relationships with customers for better customer service. Most importantly, automation reduces human error. Not only are you saving time by using a virtual workforce, you’ll also save time in having to correct mistakes. Customers will thank you for it.
Transitioning from manual processes to automated tasks will change the way you manage invoices. And the beauty of RPA technology is that it can exist with legacy systems and implementation is painless compared to other systems. Download our free guide on RPA to jumpstart your automation journey. You’ll learn where to start and the many processes you can automate for your organization.
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